Posted January 21, 2021
A Mount Airy-based commercial property owner and manager has acquired the L.S. Starrett Co. facility in Mount Airy, with plans to fill unused space with new tenants while also retaining Starrett’s operations there.
Wise Storage Solutions has acquired the 320,000-square-foot facility from Starrett, and has already identified a national steel company and an international furniture maker to occupy vacant space in the building.
Tool-maker L.S. Starrett will continue to operate in its current space, occupying just less than one-third of the building. The approximately 20-acre property is at 1372 Boggs Drive.
“We are very pleased to be able to complete this transaction with Wise Storage Systems, which is mutually beneficial for our employees, the city of Mount Airy and Surry County,” said L.S. Starrett President and CEO Douglas Starrett. “Our building has been underutilized over the last three years so this sale and leaseback will allow our personnel to stay close to home as we continue to operate our North America saw distribution and service center.”
Founded in 1880 and headquartered in Athol, Massachusetts, L.S. Starrett (NYSE: SCX) manufactures more than 5,000 variations of precision tools, gauges, measuring instruments and saw blades for industrial, professional and consumer markets worldwide.
Starrett operates six manufacturing plants in the U.S. that employ 690, and three plants in Brazil, Scotland and China that employ 720. The Mount Airy plant employs approximately 50.